spudding on monday, page-7

I think that 40c is a pessimistic estimate .... the Iti1 well is targetting 100 mmboe. If it is successful, then it can be assumed that GBP will take up the option of funding the second well which will give them a 50% share of EA5. So assuming that Iti1 is successful and does amount to 100 mmboe; that means 50 mmboe to GBP. Assume value in the ground of $3 per bbl - that gives GBP an asset value at $150M. I think there are something like 170 million shares on issue. $30M in the bank and $1.5M p.a. revenue from the US ....

I think a share price somewhere north of $1 is a likely outcome if Iti1 is successful.

BTW .. these are smart boys ... they sold a 16% share of Falklands Oil and Gas (FOGL) and bought a small (20% I think) share of an 800 bbl per day field in the US to cover operating costs. Then they farmed into a block just north of one of the largest and most successful oil finds (Tullow and Heritage in Uganda - 9 out of 9 strikes in Uganda blocks 1 2 and 3 to the South of EA5 - and 600 million barrels proved; with in excess of a Billion barrels ) on the African continent in the ast 10 years.

They will piggy back on any transport arrangments Tullow and Heritage come up with for their mother lode. Talk has it that they are negotiating a farm-in partner to fund the construction of a pipeline from Lake Albert to Mombasa ....